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Our Valencia Blog is the home page for all our updates covering a broad range of topics.

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Daily Currency Report 2016-12-09

EUR Yesterday afternoon the Euro lost ground when European Central Bank president Mario Draghi extended their mammoth money-printing programme until December 2017, after originally being scheduled to finish in March. The current Quantitative Easing programme pumps an extra €80bn into the Eurozone each month which will be reduced to €60bn from April until the programme ends. Draghi promised to amend the programme if the …

Daily Currency Report 2016-12-08

GBP Sterling posted its biggest slide in two months on Wednesday after poor British industrial output data added to the sense that a month-long recovery in the currency may have run its course. The weak performance by manufacturers may raise doubts about how much of a boost factories are getting from the big fall in sterling since Britain voted in June to leave the …

Daily Currency Report 2016-12-07

GBP In the tabloids article 50 and the UK’s Brexit plain again dominated the headlines yesterday. Theresa May said she would publish a Brexit negotiating plan in an attempt to fend off a parliamentary revolt, but said she will challenge MPs to vote in favour of triggering article 50 by the end of March. Dozens of Conservatives had threatened to vote with Labour and some …

Daily Currency Report 2016-12-06

GBP British Services PMI improved to 55.2 points, surprising markets to the upside for the month of November, a fresh report from Markit Economics showed on Monday. Markets had predicted a drop to 54.2. The figures suggest that the UK economy will continue to defy the negative post-Brexit forecasts. The Index remained above 50.0 for the fourth consecutive month, which indicates a continuing recovery …

Daily Currency Report 2016-12-05

EUR The Euro fell to a 20 month low in early trade this morning  after Italian Prime Minister Matteo Renzi resigned following a crushing defeat on constitutional reform that could destabilize the country’s shaky banking system. It was a not an unexpected defeat but it was nevertheless a humiliating one, with 59.1% of Italians voting against the proposed reforms, which would have made sweeping …

Daily Currency Report 2016-12-02

GBP Sterling struck multi-month highs on Thursday, adding to its biggest monthly gains against the euro since 2009, after Britain’s Brexit minister said the government would consider paying into the EU budget for market access. The pound recovered from an initial dip after weaker-than-expected data to add over 1 percent in trade-weighted terms on the day. Britain is formulating its negotiating position ahead of formal divorce …

Daily Currency Report 2016-12-01

OPEC OPEC clinched a deal to curtail oil supply, as the need to clear a record global crude glut and prove the group’s credibility brought its first output cuts in eight years. Crude rose as much as 8.8 percent in London. OPEC will reduce output to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna Wednesday. The breakthrough deal showed …

Daily Currency Report 2016-11-30

GBP Sterling  strengthened yesterday, following the release of strong consumer lending data from the Bank of England. According to the latest Bank of England figures, total UK lending to individuals increased to £4.9bn for October, from £4.7bn the previous month, and was slightly above market expectations of £4.8bn. There was an increase in mortgage approvals for house purchases to 67,518 for October, from 63,594 …

Daily Currency Report 2016-11-29

GBP The Paris-based OECD (Organization for Economic Cooperation and Development) revised up its U.K. growth forecasts, now predicting a 2 percent expansion for 2016, compared to 1.8 percent forecast earlier this year. The prediction for 2017 was lifted to 1.2 percent from 1 percent. The OECD stated that the revision was a result of both the Bank of England’s action, and the depreciation in …

Daily Currency Report 2016-11-28

USD The dollar and U.S. bond yields fell early this morning during Asia trading hours, after oil prices slid on fears that producer countries meeting this week could fail to agree an output cut. Brent crude futures last traded at $47.13 per barrel after having fallen by as much as 2.0 percent in early Asian trade, following on from a 3.6 percent fall on Friday …

Daily Currency Report 2016-11-25

EUR A survey released yesterday morning showed German business morale was unchanged in November suggesting company executives are still optimistic about the growth prospects for Europe’s largest economy despite growing political uncertainties. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of 7,000 firms was still the highest reading in 2-1/2 years. Economists suggested companies were once again …

Daily Currency Report 2016-11-24

GBP Sterling surged to a 10-week high against the euro and resisted the dramatic falls against the dollar suffered by other major currencies after a UK budget read as doing more than had been expected to bolster growth in years to come. At the heart of the sterling rally was a rocketing of long-dated gilt yields after Chancellor of the Exchequer Philip Hammond ramped up his …